What to Do If You Regret Buying a Timeshare
What to Do If You Regret Buying a Timeshare
Buying a timeshare might have felt like a great decision during the sales pitch—sunny beaches, exclusive resorts, and guaranteed vacations. But for many buyers, that excitement fades quickly once they realize the long-term financial and legal obligations involved. If you’re one of the many people who regrets buying a timeshare, you’re not alone—and you have options.
Here’s a step-by-step guide on what to do if you regret your timeshare purchase.
1. Check If You're Still Within the Rescission Period
Most U.S. states and many other countries have laws that allow buyers to cancel a timeshare contract within a short time frame after purchase—typically between 3 and 10 days. This is known as the rescission period.
If you’re still within this window, act quickly:
- Review your contract for cancellation instructions.
- Submit a written notice via certified mail or the method specified in the agreement.
- Keep a copy of your cancellation letter and proof of delivery.
If you cancel within the legal timeframe, you’re entitled to a full refund.
2. Don’t Stop Paying Without a Plan
It can be tempting to stop paying your timeshare fees, but doing so can lead to collections, foreclosure, and damage to your credit. Instead, seek a responsible and legal way to get out of the agreement.
If you’re financially overwhelmed, ask the resort about hardship options or payment relief programs.
3. Consider Hiring a Timeshare Exit Company
There are reputable companies that specialize in helping owners cancel their timeshare contracts, especially in cases involving sales misrepresentation or contract violations.
Before choosing one:
- Check the company’s reviews and Better Business Bureau (BBB) rating.
- Make sure they offer escrow-based payment—where you pay only after the exit is complete.
- Avoid companies that demand large upfront fees or make unrealistic promises.
4. Consult With a Real Estate or Consumer Protection Attorney
If you believe you were misled during the sales process or weren’t fully informed about the terms, you may have legal grounds to cancel the contract. A lawyer can:
- Review your agreement for violations or loopholes.
- Help you send a legal demand for contract termination.
- Assist in arbitration or court proceedings, if necessary.
Final Thoughts
Regretting a timeshare purchase doesn’t mean you’re stuck forever. From cancellation periods and developer programs to professional exit companies and legal help, there are valid ways to escape the commitment. The key is to act quickly, understand your rights, and avoid scammers promising instant solutions.
With the right guidance and persistence, you can move on from your timeshare—and the regret that came with it.
